$249,999.00 Is the Goal

[WillowTree]

Here's what I figure,, I figure anybody who makes 250 grand a year and runs a business has a tax attorney who will be available to tell them exactly what they will pay in taxes for the income they earn.. I don't think this lawyer lady is as stupid as the DUmbcrats want to paint her as being. I think this tax code they are spouting is pure left wing libral propaganda..

Here's what I think for what it is worth.

I don't think this person is an attorney. I'd would not be surprised to find out she had not even graduated from High School. I suspect this is a woman who doesn't understand what she is talking about but is trying to sound like she is someone who is important so that she can make others believe she's right.

Personally, I wish I made $250k a year so that I could enjoy having to pay those taxes, but alas, I don't have the ambition to "get ahead". I'm comfortable where I am and I will live with that.

Immie

So you think ABC fasified their story,, that's wonderful of them wonderful of you to admit it.

 

[Immanuel]

mine figure is a tax rate of 39% that which the obamalama quoted we were going back to as in the Clinton era...

Fair enough.

Single (39%) = $73,916
Married (39%) = $64,950

Assuming that the brackets are not also adjusted.

Immie

 

[Immanuel]

So you think ABC fasified their story,, that's wonderful of them wonderful of you to admit it.

No, not ABC, I have some respect for them. I think the woman falsified her credentials.

I could come out right now and tell you that I am a tax attorney even though I am not. You would have no way of proving otherwise.

Immie

 

[WillowTree]

mine figure is a tax rate of 39% that which the obamalama quoted we were going back to as in the Clinton era...

Fair enough.

Single (39%) = $73,916
Married (39%) = $64,950

Immie

how come my caluclator says 39% of 250 is 97.5???

 

[Annie]

I dont' think ABC falsified the story. I think there are many producers that will opt to tak less money and more time off, in lieu of money. Just not worth it, won't make a difference in their lifestyle, so why give those hours?

 

[Care4all]

somebody help me.. I know I am mathmatically challenged.. but if you earn 250 grand and are taxed at 39% and all you deductions for charity and home mortgages have been removed won't you pay approximately 97,000 in income taxes.. leaving you with 153 to live on.. or am I way the hell off base,, then let the state tax you again,, bla bla bla bla you suddenly ain't rich no mo are ya??? then don't forget doncha have to take out sociable security taxes too???

You're on the mark if you exclude the biggest deduction of all: home mortgages. It's actually worse than that. Depending on the State they live in, they will probably pay more than 39%.

let me ask you X, if someone makes 1 million bucks and is in the 39% tax bracket....what does that mean to you? Does it mean to you, that he pays 39% in taxes on the 1 million he makes?

so $390,000 in income taxes?

If this is what you and willow think, this is not how how taxes work.

First, you get to take all of your deductions, standard and taxable deductions, then for the first x amount of money that you net after the deduction that falls in to the 10% tax bracket, you get taxed at 10% then the amount of money you make that falls in to the 15% tax bracket you pay 15% taxes on then the money you make that falls in to the 25% tax bracket you pay 25% taxes on that, then the money you make that falls in to the 33% tax bracket range, you get taxed 33%on that amount and so on and so forth....in our tax structure.

So, NO ONE making a million bucks, is paying $390,000 on their 1 million bucks.

In fact those in the top 1% of income earners(old 39% tax bracket) average paying around 19% as their effective income tax rate, when all was said and done with deductions and paying the lower tax rates on their money earned that fell in to those lower tax income brackets.

care

 

[WillowTree]

So you think ABC fasified their story,, that's wonderful of them wonderful of you to admit it.

No, not ABC, I have some respect for them. I think the woman falsified her credentials.

Immie

oh! another libral rag easily duped.. you people earn the DUmmie name honestly,, wtf ever happened to vetting....

 

[WillowTree]

I dont' think ABC falsified the story. I think there are many producers that will opt to tak less money and more time off, in lieu of money. Just not worth it, won't make a difference in their lifestyle, so why give those hours?

I think you are exactly 100% correct Annie. And I think the libral left are scared to death they are going to run out of rich people to tax.. so we have more propaganda.. from the land of kool aid..

 

[WillowTree]

somebody help me.. I know I am mathmatically challenged.. but if you earn 250 grand and are taxed at 39% and all you deductions for charity and home mortgages have been removed won't you pay approximately 97,000 in income taxes.. leaving you with 153 to live on.. or am I way the hell off base,, then let the state tax you again,, bla bla bla bla you suddenly ain't rich no mo are ya??? then don't forget doncha have to take out sociable security taxes too???

You're on the mark if you exclude the biggest deduction of all: home mortgages. It's actually worse than that. Depending on the State they live in, they will probably pay more than 39%.

let me ask you X, if someone makes 1 million bucks and is in the 39% tax bracket....what does that mean to you? Does it mean to you, that he pays 39% in taxes on the 1 million he makes?

so $390,000 in income taxes?

If this is what you and willow think, this is not how how taxes work.

First, you get to take all of your deductions, standard and taxable deductions, then for the first x amount of money that you net after the deduction that falls in to the 10% tax bracket, you get taxed at 10% then the amount of money you make that falls in to the 15% tax bracket you pay 15% taxes on then the money you make that falls in to the 25% tax bracket you pay 25% taxes on that, then the money you make that falls in to the 33% tax bracket range, you get taxed 33%on that amount and so on and so forth....in our tax structure.

So, NO ONE making a million bucks, is paying $390,000 on their 1 million bucks.

In fact those in the top 1% of income earners(old 39% tax bracket) average paying around 19% as their effective income tax rate, when all was said and done with deductions and paying the lower tax rates on their money earned that fell in to those lower tax income brackets.

care

In case you weren't paying attention obamalama is taking away the deductions for the rich..

 

[oreo]

Yep--these new tax policies declared war on business in this country. Especially sub-S corporations of which the over 250K crowd--80% of the top 5% is them.

One small business man asked Joe Biden the other day what was in this stimulus bill that would stimulate small business in this country--& the question left Joe standing in the headlights like a deer. He couldn't answer it.

Oh well, maybe it's time to show the American public, that there really is no free lunch without a very heavy price to pay. Socialism--aka--redistribution of wealth has never worked for any country. It certainly won't work in the most productive nation in the world.

As we see already our stock market has acted very negatively over the last six months. This just isn't because of the bail--out's-- it's more the fear over these punish the successful to reward the failure--policies.

The problem with socialism is that government eventually runs out of other people's money to spend: "Margaret Thatcher"

 

[Immanuel]

mine figure is a tax rate of 39% that which the obamalama quoted we were going back to as in the Clinton era...

Fair enough.

Single (39%) = $73,916
Married (39%) = $64,950

Immie

how come my caluclator says 39% of 250 is 97.5???

Because you are taxing the entire amount at 39%. The way the tax tables work is that the first X dollars are taxed at Y rate, the next bracket is taxed at another rate and so on until you get to the highest bracket.

Here are the tax tables for 2007:

2007 Federal Tax Rate Schedules

Don't feel bad though, most people who do not work on taxes, do not understand the bracketing system. Hell, most people who write tax laws don't understand.

Immie

 

[WillowTree]

here,, from the article..



"It's very possible that there are plenty of things you can do with general tax planning techniques – attempting to recognize loses, pushing gains to years when your income is lower and increasing retirement plan contributions – to come below $250,000," said Schatsky.

"But Obama's proposal has yet to be hammered out and the devil is in the details," he added.

So far, Obama's proposal does outline new limits on tax deducations for families earning more than $250,000, including those on charitable donations, mortgage interest and state and local taxes.

Additionally, Obama said that the elimination of tax cuts for the wealthiest Americans will benefit 95 percent of working families

 

[manu1959]

yes and for those of us that have a salary sometimes lees than our employees and work our ass off all year to make a profit so that at the end of the year that risk and effort will results in a bonus......then to have that money taxed at a higher rate simply because my effort and risk paid off .... and that money given to those that couldn't is a real pisser......especially when i started from nothing with nothing......

if an employe looses their job they get unemployement and hand outs.....if a business owner does.....the bank takes their house and all their shit and guess what the self employed don't get unemployment.....

but hey ... who gives a shit there isn't that many of us......

 

[WillowTree]

wonder if the dentist in the article was a big fat fake of a lazy liar too???

 

[Care4all]

Care, are you trying to justify a tax increase? If so, why?

No, i am calling bullcrap on bullshit.

and i am explaining what this tax increase means, and it certainly is not enough of a tax increase to cause a disincentive for a small business to pare down its business, which is the republican mantra and garbage that is continually touted.

simply that...telling the truth about what this tax hike does, in monitary terms.

If those on the right hadn't tried to spin this in to the worst thing that ever happened on the face of the earth as they have done and shouting how it will destroy any small business out there and give no one the incentive to earn more money or grow their business BULLCRAP,

then i would be on the other side of this coin....and repeating what i have stated more than once, i see the necessity of the tax hike, but i think it starts too low at the 250k....starting at a million and higher was my choice of the threshold where taxes could go up without affecting a great deal of the upper middle class earning these hefty salaries in major cities where the cost of living is really high.

When this mess is over, all of our taxes will have to go up, coupled with drastic cuts in spending....and in Social Security imo.

care

You see the necessity of a tax hike? How do you figure? If the revenue of a business starts to slide, they can't just increase the price of goods sold to make up the difference. Why should government be any different? Shouldn't they cut costs to make do with what they have?

because you can't do such in a recession, unless you want to throw us in to a worse one...even every republican in congress knows this, and those that voted against the stimulus spending/tax cuts voted against it because they didn't like the way the money was spent, not because they were not going to spend money themselves.

And yes, spending should have been cut the last 8 years and because it wasn't, it makes it harder for us to spend now, when it is needed to pull us out of this.....

but right now, pulling back on spending would only make things worse....this is not to say that spending wiser and more prudently is not in order.

and, you could cut spending $3 BILLION a day at this point and it still would not bring us in line to what we bring in tax revenues.

Taxes will go up on us all at some point or bankruptcy, unless we have an economic boom three times the size of the boom in the 90's and i just don't see the opportunity for that to happen.

care

 

[WillowTree]

yes and for those of us that have a salary sometimes lees than our employees and work our ass off all year to make a profit so that at the end of the year that risk and effort will results in a bonus......then to have that money taxed at a higher rate simply because my effort and risk paid off .... and that money given to those that couldn't is a real pisser......especially when i started from nothing with nothing......

if an employe looses their job they get unemployement and hand outs.....if a business owner does.....the bank takes their house and all their shit and guess what the self employed don't get unemployment.....

but hey ... who gives a shit there isn't that many of us......

no way around it bud, this regime believes in punishing success,, meanwhile back at the WH any old tax evader Democrat gets put in a cabnit position.. go figure...

 

[WillowTree]

No, i am calling bullcrap on bullshit.

and i am explaining what this tax increase means, and it certainly is not enough of a tax increase to cause a disincentive for a small business to pare down its business, which is the republican mantra and garbage that is continually touted.

simply that...telling the truth about what this tax hike does, in monitary terms.

If those on the right hadn't tried to spin this in to the worst thing that ever happened on the face of the earth as they have done and shouting how it will destroy any small business out there and give no one the incentive to earn more money or grow their business BULLCRAP,

then i would be on the other side of this coin....and repeating what i have stated more than once, i see the necessity of the tax hike, but i think it starts too low at the 250k....starting at a million and higher was my choice of the threshold where taxes could go up without affecting a great deal of the upper middle class earning these hefty salaries in major cities where the cost of living is really high.

When this mess is over, all of our taxes will have to go up, coupled with drastic cuts in spending....and in Social Security imo.

care

You see the necessity of a tax hike? How do you figure? If the revenue of a business starts to slide, they can't just increase the price of goods sold to make up the difference. Why should government be any different? Shouldn't they cut costs to make do with what they have?

because you can't do such in a recession, unless you want to throw us in to a worse one...even every republican in congress knows this, and those that voted against the stimulus spending/tax cuts voted against it because they didn't like the way the money was spent, not because they were not going to spend money themselves.

And yes, spending should have been cut the last 8 years and because it wasn't, it makes it harder for us to spend now, when it is needed to pull us out of this.....

but right now, pulling back on spending would only make things worse....this is not to say that spending wiser and more prudently is not in order.

and, you could cut spending $3 BILLION a day at this point and it still would not bring us in line to what we bring in tax revenues.

Taxes will go up on us all at some point or bankruptcy, unless we have an economic boom three times the size of the boom in the 90's and i just don't see the opportunity for that to happen.

care

well hunny bunny maybe you ought to shoot the obamalama a note and tell him not to sink us in debt another 10 trillion dollars... jez saying...

 

[oreo]

You're on the mark if you exclude the biggest deduction of all: home mortgages. It's actually worse than that. Depending on the State they live in, they will probably pay more than 39%.

let me ask you X, if someone makes 1 million bucks and is in the 39% tax bracket....what does that mean to you? Does it mean to you, that he pays 39% in taxes on the 1 million he makes?

so $390,000 in income taxes?

If this is what you and willow think, this is not how how taxes work.

First, you get to take all of your deductions, standard and taxable deductions, then for the first x amount of money that you net after the deduction that falls in to the 10% tax bracket, you get taxed at 10% then the amount of money you make that falls in to the 15% tax bracket you pay 15% taxes on then the money you make that falls in to the 25% tax bracket you pay 25% taxes on that, then the money you make that falls in to the 33% tax bracket range, you get taxed 33%on that amount and so on and so forth....in our tax structure.

So, NO ONE making a million bucks, is paying $390,000 on their 1 million bucks.

In fact those in the top 1% of income earners(old 39% tax bracket) average paying around 19% as their effective income tax rate, when all was said and done with deductions and paying the lower tax rates on their money earned that fell in to those lower tax income brackets.

care

In case you weren't paying attention obamalama is taking away the deductions for the rich..

Yes--that is happening too. Hopefully it's not a Jimmy Carter move--that may be next. In effect what he did during a very severe recession was lower the amount of interest one could deduct on their home mortgages, resulting in a huge tax hike to EVERYONE.

Recently--it has been proposed to do this to the 250K crowd too. As far as Care's statement of a gradual tax chart--I don't think so. If this line starts at 250K at 40% & works it's way up from there--there will be no one in this country that can be referred to as wealthy anymore.

Now that's an incentive to start a business, grow & make money--isn't it.

 

[Immanuel]

here,, from the article..



"It's very possible that there are plenty of things you can do with general tax planning techniques – attempting to recognize loses, pushing gains to years when your income is lower and increasing retirement plan contributions – to come below $250,000," said Schatsky.

"But Obama's proposal has yet to be hammered out and the devil is in the details," he added.

So far, Obama's proposal does outline new limits on tax deducations for families earning more than $250,000, including those on charitable donations, mortgage interest and state and local taxes.

Additionally, Obama said that the elimination of tax cuts for the wealthiest Americans will benefit 95 percent of working families

Obama said? Is that supposed to make me feel good or scare the shit out of me?

With those details in the article we will have to just wait and see what happens. He could eliminate the brackets. He could wipe out the deductions. He could do both, but I highly doubt he will. He will say he will do that, but in the long run, those people who make $250k + are a politicians bread and butter. He is not going to hurt them.

Wasn't his first proposed tax increase an increased tax on cigarettes? That doesn't affect the rich, it affects the poor. Gotta love his sleight of hand, don't ya?

Immie

 

[xsited1]

somebody help me.. I know I am mathmatically challenged.. but if you earn 250 grand and are taxed at 39% and all you deductions for charity and home mortgages have been removed won't you pay approximately 97,000 in income taxes.. leaving you with 153 to live on.. or am I way the hell off base,, then let the state tax you again,, bla bla bla bla you suddenly ain't rich no mo are ya??? then don't forget doncha have to take out sociable security taxes too???

You're on the mark if you exclude the biggest deduction of all: home mortgages. It's actually worse than that. Depending on the State they live in, they will probably pay more than 39%.

let me ask you X, if someone makes 1 million bucks and is in the 39% tax bracket....what does that mean to you? Does it mean to you, that he pays 39% in taxes on the 1 million he makes?

so $390,000 in income taxes?

If this is what you and willow think, this is not how how taxes work.

First, you get to take all of your deductions, standard and taxable deductions, then for the first x amount of money that you net after the deduction that falls in to the 10% tax bracket, you get taxed at 10% then the amount of money you make that falls in to the 15% tax bracket you pay 15% taxes on then the money you make that falls in to the 25% tax bracket you pay 25% taxes on that, then the money you make that falls in to the 33% tax bracket range, you get taxed 33%on that amount and so on and so forth....in our tax structure.

So, NO ONE making a million bucks, is paying $390,000 on their 1 million bucks.

In fact those in the top 1% of income earners(old 39% tax bracket) average paying around 19% as their effective income tax rate, when all was said and done with deductions and paying the lower tax rates on their money earned that fell in to those lower tax income brackets.

care

You're making assumptions which are different from the post I was replying to. That changes everything.

I know how the tax system works and I know how to manipulate it. My wife is an accountant, so we get every last deduction we can get. The fact is taxes will be increasing and some deductions will be going away. Why?